Thorntons Investments was founded as part of a legal practice in 1995, and is now a separate company with offices in Edinburgh and Dundee. There is a lot is to do in a short time. Think about the regulatory data: How are you keep informed of external and internal MIFID activities? Data Management: how is the data is processed? Record keeping: evidencing the operational and transactional activities and timely reporting across all activities. Keep an eye on what is taking place in your organisation. What is already done for past regulations may be overlapped to MiFID II.
In respect of borrowers with sterling revenue but euro or dollar denominated debt and/or multi-currency operating costs which are unhedged (or insufficiently hedged), fluctuations in the value of sterling (including the significant drop following the Referendum) could have an impact on the cash flow of a company as well as the financial covenants. Financial statements for the period ending 30 June 2016 may adversely affect financial covenant ratios if a spot rate is used rather than an average exchange rate for these UK businesses. The possibility of further currency movements and exchange rate risks may result in borrowers revisiting their financial covenants and also assessing whether further hedging would be prudent. The potential increased cost of borrowing sterling and uncertainty in the European loan market may make Yankee loans” more appealing to European borrowers who can accommodate the exchange rate costs of borrowing in dollars.
The CEE acronym, for Central and Eastern Europe”, typically refers to a group of former Communist states. It came into use after the collapse of the Iron Curtain in 1989, 1990. CEE countries can, depending on the usage, include: Estonia; Latvia; Lithuania; the former East Germany; the Czech Republic; Slovakia; Hungary; Poland; Romania; Bulgaria; Slovenia; Croatia; Albania; Bosnia-Herzegovina; Kosovo; Macedonia; Montenegro and Serbia. Some other former Communist countries that, depending on the situation and the entity which is defining CEE”, are sometimes included in the acronym include Belarus, Moldova, Ukraine and Russia; some definitions also include Austria.
A sale is ‘linked’ if an individual has sold shares in the same VCT as the VCT in which the investor has subscribed for shares, or in a VCT which is treated as a successor or predecessor of that VCT, and either the subscription for shares is in any way conditionally linked with the share sale, or the subscription and sale are within six months of each other.
There is an opportunity to leverage innovative technology and new payment and consumption methods to satisfy the requirements and enable the desirable benefits of both MiFID II research unbundling and Section 28(e) of the US Securities Act of 1934. UAT’s Joel Steinmetz and Allan Chiulli examine the structure and operations of a token, smart contract and blockchain-based platform for U.S. equity research that incorporates Section 28(e) practices in a post-MiFID II environment.